NIFTY SPOT : R1:9187 R2:9223 R3:9245
PIVOT : 9166 S1:9129 S2:9108 S3:9071
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Nifty has taken support at trendline and showed upside movement from there. The major resistance placed around 9270. Only a decisive close above 9270 will signal acceleration of the current up move, going forward. Failure to do so, will lead to broader consolidation between 9000 and 9250 in the short. The immediate support is revised upwards to 9020 region as it is the confluence of following: The double bottom formed at last two weeks identical lows is placed at 9019 Rising 20-day EMA, which has acted as intermediate support in the entire up move since December 2016 lows, is at 9060 region The major bullish gap area formed post the state election results is between 9060 and 8934. Among oscillators, the 14 period RSI is exhibiting a negative divergence.
INDEX OUTLOOK
Nifty Future: The Nifty is likely to open negative on the back of week global cues. Its important to sustain above 9150 to move upwards. SELL Nifty near 9180-9170for targets of 9140-9120, stop loss: 9220 Nifty Bank Future: Post the policy, the market participants dint take the policy on cheerful note and saw some fresh additions of short positions. Huge profit booking was seen in Call options whereas the positions on the Put side have shifted towards 21500 and 21200 strike. Current Put build-up is at 21500 suggesting index may see extended profit booking if it is unable to move above 21500. Sell Nifty Bank in the range of 21500-21550, targets: 21300-21200, stop loss: 21620
Nifty Future: The Nifty is likely to open negative on the back of week global cues. Its important to sustain above 9150 to move upwards. SELL Nifty near 9180-9170for targets of 9140-9120, stop loss: 9220 Nifty Bank Future: Post the policy, the market participants dint take the policy on cheerful note and saw some fresh additions of short positions. Huge profit booking was seen in Call options whereas the positions on the Put side have shifted towards 21500 and 21200 strike. Current Put build-up is at 21500 suggesting index may see extended profit booking if it is unable to move above 21500. Sell Nifty Bank in the range of 21500-21550, targets: 21300-21200, stop loss: 21620
SECTORIAL INDICES
CORPORATE NEWS
- Infosys reported consolidated Net profit at Rs. 3,603 cr, degrowth of 2.8% from Rs. 3,708 cr in the previous quarter. Revenue declined 0.9% to Rs. 17,120 cr on QoQ basis. Infosys missed on dollar revenue guidance as it expects its FY18 constant currency dollar revenue growth at 6.5-8.5%, which was lower than the street expectations of 7-9%. The Company’s current policy is to pay dividends of up to 50% of post-tax profits of the financial year. Effective from FY2018, the company expects to payout up to 70% of the free cash flow of the corresponding financial year.
- Premier Explosives received the Management System Certificate from DNV GL Business Assurance, USA. This certificate is valid for Development, Manufacture and Supply of High Energy Materials (Propellants, Pyrotechnics, Special Devices and other Chemicals) for Aerospace and Defense Applications.
- Bajaj Corp’s total income for Q4FY17 declined 2% to Rs. 204.5 cr compared to Rs. 208.8 cr in the same quarter last year led by volume decline of 6.9%. Net profit stood at Rs. 52.7 cr against Rs. 54.3 cr on YoY basis. Higher advertising cost, other expenses and employee cost impacted the company’s operational margins, which came at 32.4% compared to 36.2% on YoY basis.
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